Greystone Closes $26 Million Bridge Loan In Less Than 30 Days For Maryland Multifamily Property Acquisition
February 2, 2016
Greystone announced it provided a $26,000,000 bridge loan for the acquisition of Three Garden Village Apartments in Dundalk, MD – Baltimore county. The loan was originated by Donny Rosenberg of Greystone.
The bridge loan, provided to The SilverBrick Group, carries a two-year term with two six-month extension options. The loan was closed in less than 30 days. Three Garden Village Apartments is a 592-unit rental community in Baltimore County consisting of brick townhomes and garden style apartments on landscaped grounds with multiple amenities. The SilverBrick Group will be rebranding the property under its new name SilverBrick Townhomes.
“The SilverBrick Group’s unique investment process and approach to acquisition aligned perfectly with our ability to provide an out-of-the-box, balance sheet bridge financing solution,” said Mark R. Jarrell, Executive Vice President and Head of Greystone’s Portfolio Lending Group.
Erik Dowling, Principal & Director of Capital Sourcing, The SilverBrick Group, added, “Greystone proved themselves a trusted partner in real estate financing, exhibited by the smooth process they led us through. We see a great deal of value-add potential and plan to unlock it beginning with an initial $4 million in renovations on the property. This will represent Phase 1 of what will ultimately be an aggregate $12mm transformative renovation of this asset. We could not have initiated those plans without the crucial interim financing we closed with Greystone.”
“Part of our acquisition strategy entails seeking opportunities in mismanaged properties where repositioning can unlock hidden value,” said Aaron J. Papowitz, Founding and Managing Principal, The SilverBrick Group. “Greystone was able to help with the realization of our niche-market strategy through an interim financing solution and we look forward to a long-term relationship with the company as a preferred lender.”